Coinspeaker
HashKey Report: DeFi Ecosystem on Rapid Pace for Break Out
The digital currency industry and the Decentralized Finance (DeFi) ecosystem have been embroiled in a hash crypto winter for the better part of 2022. Despite these tough economic and market conditions, a recent report from Hashkey Capital, a renowned crypto fund with roots in Asia has shown that DeFi has exhibited more potential for an imminent growth breakout.
According to the report, the DeFi ecosystem remained a darling of Venture Capital (VC) investors throughout the year. This investor injected as much as $14 billion into a total of 725 crypto projects, including numerous DeFi protocols in the first half of the year alone. This first half is assumably the period that the industry was rocked with the impacts of Terra (LUNA) and its associated algorithmic stablecoin (UST) collapses. This plunge fueled bankruptcies in Three Arrows Capital (3AC) and Voyager Digital amongst others.
Besides the capital influx, the De
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